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Qu’est-ce que la loi Eckert ?

12 April 2019

Qu’est-ce que la loi Eckert ?

La loi Eckert est venue compléter le dispositif législatif existant et concerne les comptes bancaires inactifs et les contrats d’assurance-vie en déshérence (contrats qui ne font pas l’objet d’une demande de versement de prestation ou du capital). Elle a pour objectif de protéger les intérêts des clients en facilitant la recherche de bénéficiaires de contrats d'assurance-vie et en accélérant le règlement des capitaux. Initiée en novembre 2013 par Christian Eckert, secrétaire d’Etat au Budget, elle est entrée en vigueur au 1er janvier 2016.

Quelles sont les principales mesures de cette loi ?


· La revalorisation post-mortem du capital garanti

La loi prévoit une revalorisation du capital garanti, à un taux minimum fixé par décret. Cette revalorisation intervient désormais à compter de la date du décès de l’assuré et jusqu’à la date de réception des pièces nécessaires au règlement ou le cas échéant jusqu’au dépôt du capital à la Caisse des dépôts et Consignations.

· Délai et modalités relatives aux pièces nécessaires au paiement de la prestation

Depuis le 1er janvier 2016, la loi introduit de nouvelles dispositions pour favoriser le règlement rapide des contrats. L’assureur doit demander au bénéficiaire de fournir les pièces nécessaires au règlement dans un délai de 15 jours à compter de la réception de l’avis de décès et de la prise de connaissance des coordonnées du bénéficiaire.

A réception de l’ensemble de ces pièces justificatives, l’assureur dispose d’un délai d’un mois pour effectuer le paiement de la prestation. Dans le cas où l’assureur ne respecte pas ce délai de paiement, la loi prévoit des pénalités de retard.


· L'obligation de consultation annuelle du RNIPP étendue

Depuis 2007, les compagnies d'assurance doivent consulter annuellement les données figurant sur le Registre National d’Identification des Personnes Physiques (RNIPP) afin de s’informer du décès éventuel de leurs assurés. En cas de décès du titulaire du contrat, les assureurs doivent rechercher activement les bénéficiaires du contrat afin de leur verser les capitaux qui leur reviennent.

Désormais, chaque année, ces établissements doivent rendre public un certain nombre d’informations concernant les recherches effectuées au cours de l’année (l’encours des contrats concernés, les sommes versées suite à ces démarches, etc.).

D’autre part, les notaires peuvent, lors d’une succession et dans certaines conditions, demander à l’administration fiscale communication des informations figurant sur le fichier Ficovie, qui recense les contrats d’assurance vie et contrats de capitalisation souscrits. Le patrimoine de leur client décédé peut ainsi être mieux identifié. Ce fichier est mis en place depuis 2016.


· Transfert à la Caisse des Dépôts et Consignations des capitaux en déshérence

A l’issue d’un délai de 10 ans à compter de la date de connaissance du décès du titulaire du contrat ou du terme du contrat, les sommes dues au titre des contrats d’assurance-vie et de capitalisation, doivent être transférées à la Caisse des Dépôts et Consignations (CDC). La Caisse des Dépôts et Consignations est chargée, quant à elle, d’organiser la publication de l’identité des souscripteurs des contrats dont les sommes lui ont été transférées, afin de faciliter la recherche des contrats non réglés et de protéger le droit des épargnants et bénéficiaires.

Dans le cas où ces montants demeurent non réclamés par leurs titulaires ou par leurs ayants droit (bénéficiaires), à l’issue d’un délai de 20 ans à compter de la date de leur dépôt à la CDC, elles sont définitivement acquises à l’État.


· Publication annuelle du bilan prévu par la Loi Eckert

L'arrêté du 24 juin 2016 publié au journal officiel de la République française le 9 juillet 2016 s'inscrit dans la mise en œuvre de la loi « Eckert ». Désormais aux termes de ce texte, les assureurs et les mutuelles ont notamment l'obligation de publier « annuellement sur [leur] site internet (...) ou sur tout support durable dans un délai de 90 jours ouvrables à compter du 1er janvier de chaque année », leur bilan de la mise en œuvre de la loi Eckert.

Pour accéder à notre bilan prévu par la loi Eckert cliquez ici.

 

Bon à savoir :

Au moment de la souscription de vos contrats, il est important d’être rigoureux et précis sur les informations que vous communiquez vous concernant : nom, prénoms, date et lieu de naissance, adresse etc.

Il en est de même pour la rédaction de la clause bénéficiaire. Veillez à être le plus clair et le plus précis possible dans la désignation de vos bénéficiaires afin que l'assureur puisse les retrouver facilement.

Pour en savoir plus, cliquez ici.


Preparing for the jobs of tomorrow with General Assembly

11 April 2019

 

More than 50% of jobs are at risk of automation in less than 10 years. The idea of a global skills gap is a growing concern in modern societies. To that end, BNP Paribas Cardif has partnered with General Assembly to prepare the workforce of the future. Renaud Dumora, CEO of BNP Paribas Cardif and Jake Schwartz, Co-founder and Chief Executive Officer of General Assembly, share the first lessons on this partnership, on the occasion of a Forum on “the need for reskilling” they co-organised in Paris.

 

The future of work is at the heart of companies’ strategies. How do you both respond to this ambition?

Jake Schwartz : Today, with the rise of AI and automation, there is a high level of anxiety in society about the future of work and the skills gap. However, there are countless reasons to be optimistic as this new future presents to create new jobs and pathways to economic mobility! This is why we created General Assembly, which core mission is to equip people with skills to pursue the work they love.

Renaud Dumora : No jobs are safe from disruption in the coming years. Therefore, it is essential to provide employees with the necessary skills to embrace progress, rather than fear the future. Putting them first is very important to ensure an organization like BNP Paribas Cardif  has the right skills in 5 to 10 years. This is why we try to anticipate which jobs would change and which would ultimately disappear.

 

What is the objective of this partnership?

J.S: We share the same vision and ambition: put people at the center of the set up. Our objective is to provide clear return on investment for employees and organizations. For this purpose, we anticipate the needs, adapt continuously the trainings to these needs and offer a model based on a strong “learning-by-doing” method, combined with expert instructors. With this approach, we’ve been helping a number of large companies to invest meaningfully in their employee’s skills and their talent pipeline, and we are very proud to be partnering with BNP Paribas Cardif to power their “Skill Up” initiative and to develop the talents they need.

R.D: Our employees are our first asset and we need to help them develop their skills to prepare themselves for the future. It is critical for them to be able to leverage new technologies like machine learning, natural language processing, Internet of Things etc. There is a real demand for learning and development, and this is why we chose General Assembly for a 5-year partnership. From now until 2022, our goal is to train 1000 employees of BNP Paribas Cardif. We open the sessions to BNP Paribas group staff as well as to our distributors partners, in order to develop their talents, and to embrace the transformation we are facing.

 

With this partnership, a joint project has been launched: The Skill Up program. Concretely, how does it work?  

J.S: Our focus is to combine the best components of both graduate and vocational trainings. Concretely, we work with instructors who are leading experts in their field, so people can learn from practitioners with real business knowledge. In the case of BNP Paribas Cardif, all staff do not need to re-skill, but for a large-scale organization, it is also essential to help employees maintain their skillset current, and to help them understand the importance of these changes.  

R.D: The Skill Up program has begun in June 2018 : we have chosen it to be an international program, as we operated in 35 countries. Our teams are being up-skilled or re-skilled on skills such as data science or UX design and with a focus on the customer centricity. This program is dedicated to our employees but it was also important to onboard their managers and even our executive committee, to make them experience the benefits of working with new skills and new mindset in a more agile culture.

To sum up, we first outlined the needs of the organization, and planned the sessions. Then, candidates were invited to write motivational letters and a process has been put in place, with managers, to validate applications. Furthermore, the benefit of this training is that employees can work on real professional projects, including projects co-built with partners.

 

What are the expected results for employees?

J.S: The success of General Assembly is based on starting with the ultimate goals of the companies in mind, and working backwards diligently to achieve them. This is eventually a win-win strategy for both the company and its employees, who benefit from cutting-edge learnings, and are thus more likely to stay.

R.D: Measuring the skills the company needed was a very important first step. The process is really just beginning and I am thrilled by the enthusiasm of our teams! We are focused on allowing our employees to adapt, to develop soft skills and to be committed to lifelong learning within the company.

 

 

 

 

 


BNP Paribas Cardif posts record gross written premiums for 2018 and confirms 2020 objectives

28 March 2019
March 28th 2019

 

BNP Paribas Cardif, the world leader in bancassurance partnerships and creditor insurance[1], had record gross written premiums in 2018 in both the savings and protection insurance segments. The year was marked by the successful launch of Cardif IARD across the BNP Paribas French Retail Banking network. The insurer is successfully moving forward with its digital transformation and continues to deploy its development plan.      BNP Paribas Cardif confirms its trajectory for 2020 while sustaining a focus on having a positive impact on society.

 

Record gross written premiums

 

BNP Paribas Cardif reported record gross written premiums, exceeding the 30 billion euro milestone.

 

·         Gross written premiums for the insurance business of BNP Paribas totalled 31.8 billion euros at year-end 2018, an increase of 9%[2] over 2017. The savings segment reached gross written premiums of 24.7 billion euros, an increase of 10%2 compared with 2017, while the protection insurance segment accounted for 7.1 billion euros (+4%2 compared with the previous year).

 

·         Pre-tax net profit was 1.5 billion euros. Pre-tax net profit was virtually stable at constant scope and exchange rates (-0.3%), integrating the impact of the downturn in financial markets at the end of the year.

 

·         At 31 December 2018, BNP Paribas Cardif had 239 billion euros in assets under management, an increase of 1% compared with 2017.

 

 

Strategic partnerships in multiple sectors

 

BNP Paribas Cardif launched or renewed nearly 120 partnerships around the world in 2018, including several strategic partnerships with major players in a diverse range of industries and countries:

 

·         Retail: BNP Paribas Cardif also expanded its cooperation with HP Tronic, a major player in household appliances, consumer electronics, computers and mobile phones in the Czech Republic and Slovakia.

 

·         Telecommunications: Orange, one of the world’s leading telecoms operators, selected BNP Paribas Cardif to provide insurance cover for the smartphones and tablets of its clients in France.

 

·         Banking: 2018 saw the launch of the joint venture created in Japan between BNP Paribas Cardif and Sumitomo Mitsui Trust Bank, an establishment that is part of the country’s fourth-largest banking group.

 

·         Automobile: In Russia, BNP Paribas Cardif renewed its partnership with RN Bank, a subsidiary of RCI Bank and Services (Renault group).

 

Another major event in 2018 was the launch in May of the new property and casualty insurance offer from Cardif IARD, a joint venture between BNP Paribas Cardif and Matmut. More than 100,000 policies had already been sold by BNP Paribas retail branches at the end of 2018. The objective is to triple sales of property and casualty policies by 2020 and boost the percentage of BNP Paribas retail clients insured from 8% to 12%.

 

BNP Paribas Cardif once again demonstrated its ability to seize development opportunities by signing partnerships with major distribution partners. BNP Paribas Cardif now works with 500 partners[3] in 35 countries and counts the largest number of bancassurance partnerships in the world[4].

 

Building on its experience in creditor insurance, BNP Paribas Cardif is the global leader in this business segment1.

 

Cardif Forward: concrete progress and confirmation of 2020 objectives

 

BNP Paribas Cardif continues to actively deploy its 2017-2020 development plan with actions that remain focused on better satisfying its partners and their clients. These objectives are supported by five pillars:

 

·         Increase profit margins and balance risks,

·         Create new experiences for policyholders and partners,

·         Transform data into value for clients,

·         Increase employee growth and satisfaction,

·         Sustain growth by diversifying business activities.

 

Several initiatives in 2018 contributed to transforming the client experience:

 

  • Successful digital transformation of business relations with financial advisors and insurance brokers in France. In early 2018, BNP Paribas Cardif signed a partnership agreement with software developer Manymore. Since then, financial advisors and insurance brokers have been able to progressively transition to a digitized process for savings and retirement contracts offered by BNP Paribas Cardif. These initiatives were extended to protection insurance in February 2019, when the insurer took another step towards digitization of its creditor insurance policy by introducing online completion of the required medical questionnaire.  The objective of this new process is to enable 90% of policyholders who subscribe Cardif Liberté Emprunteur[5] mortgage insurance to obtain immediate approval directly online. Between now and 2020, BNP Paribas Cardif will have invested 17 million euros in developing its business with financial advisors and insurance brokers.

 

·         Solutions aligned with the lifestyles and needs of clients. In June 2018, BNP Paribas Cardif introduced a new personal protection policy marketed by Sumitomo Mitsui Trust Bank in Japan. The Life Cycle Plan enables individuals to select different types of protection cover to match their needs. The policy is simple and easy to understand, making it possible to add or cancel coverage for specific risks throughout the life of the policyholder. The offer provides a single subscription and claims form to simplify the client experience.     BNP Paribas Cardif is developing numerous similar offers to adapt to the needs of its clients, both in savings (in Italy, the Power YOUnit contract reinvents investment by adapting to the requirements of the client) and in protection (in Colombia, the insurer offers a complete ecosystem covering information, services and training to help policyholders return to the workforce).

 

·         Chatbots to support clients and facilitate their experience. BNP Paribas Cardif teams currently have a dozen different chatbots in development around the world to enhance the client experience. In South Korea, KakaoTalk – the most popular instant messaging application in the country – can be used by clients to ask questions or modify their insurance policy. In France, a virtual advisor specialized in inheritance issues helps beneficiaries of a life insurance policy with formalities and answers their questions.

 

·         Powerful tools to unlock the value in data. BNP Paribas Cardif uses the Domino platform to develop and manage its artificial intelligence algorithms in a single environment that can be accessed from the 35 countries where the insurer is present. Icare, the BNP Paribas Cardif subsidiary specialized in extended warranties and maintenance for motor vehicles, is one of the first entities to leverage this platform with the introduction of a dynamic monitoring model for the complex risks related to its business. Several countries now benefit from this tool, which allows them to automate processes.

 

Active commitments to society

 

As a committed insurer, BNP Paribas Cardif works to make insurance available to the largest possible number of people and have a positive impact through all its activities. These commitments encompass every aspect of society.

 

·         Environment : Socially Responsible Investment (SRI) has been a pillar of BNP Paribas Cardif’s investment strategy for more than a decade. In 2017 the insurer set a target of 2.4 billion euros in green investments by the end of 2020, which it achieved by the end of 2018. BNP Paribas Cardif recently announced that it has raised this objective and is aiming for 3.5 billion euros in green investments by the end of 2020 in order to finance the energy transition and mitigate ecological footprints.

 

·         Business: BNP Paribas Cardif supports businesses of all sizes in a wide range of sectors. In 2018, the company invested in Elior and Neoen within the framework of the Fonds Stratégique de Participations (FSP, Strategic Equity Fund), in the NOVO fund, which finances growth and innovation for small and mid-size businesses. In addition, BNP Paribas Cardif supports a dozen startups via its C. Entrepreneurs fund. What’s more, by proposing private equity unit-linked vehicles in its life insurance and capitalization contracts since 2016, the insurer contributes to the long-term development of unlisted companies. BNP Paribas Cardif recorded nearly 100 million euros in new cash in private equity at 31 December 2018. All these initiatives support the real economy.

 

·         Clients: In 2018 BNP Paribas Cardif simplified and digitized the subscription process for creditor insurance in several countries, including France, Belgium and Japan. In France, by the end of 2018, 150,000 policies for clients of BNP Paribas retail banking branches had already benefited from this innovative process. In Belgium, nearly 80% of creditor insurance policies subscribed via brokers were automated. The client experience was also improved in Japan with the introduction of an online medical questionnaire.

 

·         Employees: The insurer signed a partnership contract last year with General Assembly[6] with a commitment to training 1,000 employees in tomorrow’s in-demand skills by 2022 thanks to the Skill Up programme, designed to enhance their expertise or reskill by learning new competencies. The training kicked off with sessions on data and UX Design[7]. In just a few months, more than 300 people have already been trained. The insurer plans to open these sessions to employees of its partners and the BNP Paribas Group as well.

 

>> An infographic showing 2018 Key figures for BNP Paribas Cardif is available here.

>> Download the press release

 

Appendix

Gross written premiums for the insurance business of BNP Paribas totalled 31.8 billion euros at year-end 2018, an increase of 9%2 over 2017.

Pre-tax net profit was 1.5 billion euros, virtually stable at constant scope and exchange rates (-0.3% compared with 2017). At historical scope and exchange rates, pre-tax net profit declined 20.8%. Results for 2017 were in particular marked by the exceptional impact of a capital gain from the sale of a 4% stake in BNP Paribas Cardif’s Indian subsidiary SBI Life[8].

 

Domestic markets (France, Italy and Luxembourg) for the BNP Paribas Group’s insurance business recorded gross written premiums of 22.0 billion euros in 2018, an increase of 10.3% compared with 2017.

France had gross written premiums of 14.5 billion euros, an increase of 13.6% compared with 2017. Savings gross written premiums were 13.0 billion euros, an increase of 15.3% over 2017. Inflows in unit-linked contracts represented 30% of total inflows (stable vs. 2017). Protection gross written premiums were stable compared with 2017, reaching 1.5 billion euros. The protection segment covers creditor insurance, personal insurance, property and casualty insurance (gross written premiums for Cardif IARD totalled 162 million euros in 2018), as well as extended warranties for motor vehicles (through the Icare Assurance subsidiary, which recorded gross written premiums of 78 million euros, up 4.3% over 2017).

In Italy, gross written premiums were 4.8 billion euros, an increase of 7.8% compared with 2017. Savings gross written premiums in Italy were 4.1 billion euros, up 8% over 2017. Following lower inflows in the general fund in 2017, the Italian subsidiary posted growth of 14% in 2018, driven by the launch of new products. Gross written premiums from protection insurance totalled 731 million euros, an increase of 6.5% compared with 2017. This growth was led by creditor and property and casualty insurance.

In Luxembourg, gross written premiums at Cardif Lux Vie remained stable at 2.7 billion euros, with 64% of inflows in unit-linked contracts. In December 2018 BNP Paribas Cardif finalized the acquisition of the stake held by Ageas (33.33%) in Cardif Lux Vie, announcing the signature of the final agreement on 31 October 2018. BNP Paribas Cardif is the majority shareholder in Cardif Lux Vie with a 66.67% stake. The interest of BGL BNP Paribas in Cardif Lux Vie remains unchanged (33.33%).

 

In international markets (Asia, Latin America and Europe, excluding domestic markets), the insurer recorded aggregate gross written premiums of 9.9 billion euros, an increase of 5.1%2 compared with 2017:

Asia had gross written premiums of 4.9 billion euros in 2018 an increase of 6.5%2 compared with the previous year, reflecting business growth in India (+17% vs. 2017) and Taiwan (+5%2 vs. 2017).

Latin America continued its growth momentum in protection insurance with gross written premiums rising to 1.7 billion euros (+4.2%2 vs. 2017), with particularly strong performance in Brazil, Chile and Mexico.

Europe (excluding domestic markets) and emerging markets recorded a 3.5%2 increase over 2017 with gross written premiums of 3.3 billion euros.

 

 


[1] Source: Finaccord - 2018

[2] At constant exchange rates

[3] Including banks, financial institutions, consumer credit companies, automobile sector businesses, retailers, telecommunications companies, financial advisors and brokers.

[5] Cardif Liberté Emprunteur, a BNP Paribas Cardif creditor insurance policy marketed by financial advisors and brokers.

[6] General Assembly is a pioneer in professional education and career management specialized in tomorrow’s in-demand skills.

[7] UX Design is the process of creating websites or applications that take into account and anticipate user needs.

[8] At Initial public offering of SBI Life on the Bombay Stock Exchange and the National Stock Exchange of India in October 2017.

 


BNP Paribas Cardif sets target of 3.5 billion euros in green investments by end 2020

28 March 2019

March, 18th 2019

 

The company is strengthening the socially responsible investment strategy initiated in 2008, taking new measures to support the energy transition and reduce ecological footprints. 

 

A target of 3.5 billion euros in green investments[1] by end 2020

As the energy transition is part of its CSR strategy priorities, BNP Paribas Cardif announced in 2017 a commitment to reaching 2.4 billion euros in green investments by the end of 2020. In just two years the insurer has more than doubled its green investments[2] within the framework of its general funds in its domestic markets (France, Italy, Luxembourg), supporting financing of the energy transition and reduction of ecological footprints.

BNP Paribas Cardif has decided to raise its objective by 1.1 billion euros to reach 3.5 billion euros in green investments by the end of 2020. The insurer will continue to contribute to the development of green bonds which finance projects with high environmental value, and to continue its positive environmental impact investments.

 

Reduced exposure to coal

BNP Paribas Cardif continues to reduce the exposure to coal in the investment portfolios managed directly for the general funds in its domestic markets[3]. This initiative is aligned with the sector policy of the BNP Paribas group, which establishes guidelines in particular governing activities involving coal-fired power generation.

Within the scope of its directly managed activities, BNP Paribas Cardif now no longer finances any power generation businesses whose coal-fired power accounts for over 30% of their total installed power generation capacity.

Application of this sector policy covers investment flows and securities already held directly in the general funds. This is why in 2018 the insurer divested 200 million euros in investments in companies in the coal-fired power generation sector[4].

In addition to these initiatives, BNP Paribas Cardif is pursuing its shareholder engagement to encourage change in practices by issuers. As a major source of financing for the economy and direct holder of shares, BNP Paribas Cardif is strengthening its shareholder engagement policy by integrating new Environmental, Social and Governance criteria (ESG), in particular concerning diversity and human rights. The insurer applies this strategy to all directly held shares within the general funds in its domestic markets.

 

Responsible management of real estate investments 

BNP Paribas Cardif continues to apply more demanding environmental criteria to its real estate holdings in France. The company has committed to a 30% reduction in energy consumption for its 55 office buildings (representing 658,956 square metres) by 2020. BNP Paribas Cardif pursues innovative energy renovation and investment initiatives – such as financing for the Java building in Paris, which operates without air-conditioning, planted surfaces on buildings, wood construction, etc. – in order to reduce greenhouse gas emissions and improve biodiversity.

 

“We believe that insurance companies have an important role to play in supporting the energy transition. As an institutional investor we are pursuing our efforts to fight climate change while combining financial performance and social responsibility,” says Olivier Héreil, BNP Paribas Cardif Deputy Chief Executive Officer, Asset Management.

 

Download the press release


[1] According to sustainable finance specialist Novethic, green investments are considered as socially responsible investments (SRI) and apply to all investments that aim to encourage the energy transition and reduce environmental footprints.

[2] 2.4 billion euros at end 2018

[3] Representing a total of 114.5 billion euros in 2018

[4] Power generation companies for which coal-fired power accounts for at least 30% of their total installed power generation capacity.


BNP Paribas Cardif announces excellent results for 2017 and very good start for 2020 development plan

28 March 2019

Nanterre, 29 March 2018

The world leader in insurance partnerships[i], BNP Paribas Cardif recorded excellent results for 2017. All key indicators for the contribution of the insurance business to BNP Paribas Group results (gross written premiums, pre-tax net profit, assets under management) showed strong growth. Initial progress in executing the Cardif Forward development plan launched in 2017 allows the insurer to confirm its objectives for 2020.

 

Significant increase in results

 

BNP Paribas Cardif results for 2017 showed strong growth:

 

  • Gross written premiums for the insurance business of BNP Paribas totalled 29.7 billion euros, an increase of 9.3%[ii] over 2016. Growth in gross written premiums came from both savings (22.6 billion euros, +10%2 versus 2016) and protection insurance (7.1 billion euros, +7%2). The insurer delivered good performance in Europe and benefited from strong momentum in Asia and Latin America (see appendix).

  • Pre-tax net profit was 1.9 billion euros. At constant scope and exchange rates, pre-tax net profit rose 9%, reflecting excellent operating performance generated by the growth in business volumes and efficient management of losses and claims. Taking into account the exceptional gain from the sale of 4% of its Indian subsidiary SBI Life[iii] and the impact of the acquisition of 100% of Cargeas Assicurazioni, a major provider of non-life insurance in Italy, pre-tax net profit was up 36.4% over 2016.

  • At 31 December 2017, BNP Paribas Cardif had 237 billion euros in assets under management, an increase of 4.9% compared with the previous year.

 

Promising start for Cardif Forward plan

 

BNP Paribas Cardif, a growth engine for the BNP Paribas Group, deployed its 2017-2020 development plan, one of the main components of which is creating new experiences for its clients and partners. To achieve this, the insurer is leveraging its data expertise to become more agile, and aims to automate 80% of its processes by 2022.

Numerous initiatives were launched around the world in 2017 to provide rapid and transparent service delivery paths for both partners of BNP Paribas Cardif and their clients. They include:

 

  • In France, BNP Paribas Cardif digitized the creditor insurance subscription

     

  • In Spain, BNP Paribas Cardif is testing a new service for managing creditor insurance claims. Thanks to artificial intelligence, the insurer will be able to automatically analyze documents and make monthly loan repayments without waiting for all supporting documents. This will allow a third of clients to receive immediate approval. For claims requiring additional documents, the claim will be acted on in less than four hours after the documents are received.

     

  • In Colombia, the insurer has provided partners and clients with new digital tools. Partners have a web portal and a mobile application to track activity indicators in real time, check information on policyholders and access training resources. These digital tools have already enabled 3,000 salespersons to adjust the way they work to better satisfy the needs of their clients.

     

  • In South Korea, BNP Paribas Cardif has digitized communications with clients using the KakaoTalk platform, the most popular messaging application in the market. This is an example of how the insurer adapts to the habits and tools used daily by its clients. This initiative limits mail and speeds exchanges. It was adopted by 20% of clients in just a few months. The solution will add more features in the months ahead such as enabling clients to check performance information or change the terms of their insurance policy.

 

Strengthening a partnership model that drives growth and creates value

 

BNP Paribas Cardif distributes its products through 500 partners in a variety of sectors[iv] and has the largest number of bancassurance partnerships in the world1. Thanks to its proven expertise in insurance partnerships, BNP Paribas Cardif captures growth opportunities and continually develops partnerships with new distributors and new industries in markets around the world.

Deployment of the insurer’s strategy plan led to an extension of its global partnership with Volkswagen Financial Services, as well as a significant number of new agreements, including:

  • In Turkey with the financing unit of Turkcell, the leader of the Turkish telecom sector,

  • In Japan, creating a joint venture with Sumitomo Mitsui Trust Bank, which is part of the country's fourth-largest banking group,
  • In Chile with Itau, one of the largest banking groups in Latin America

2017 was also marked by the successful initial public offering in India of SBI Life, a joint venture between the bank SBI and BNP Paribas Cardif. Following the operation[v], BNP Paribas Cardif booked a capital gain on the sale of its equity interest of 326 million euros. BNP Paribas Cardif now holds 22% of SBI Life, a stake valued at 2 billion euros[vi]. This initial public offering is a major milestone in the history of the joint venture and demonstrates BNP Paribas Cardif’s ability to generate value with its partners. Founded 17 years ago, SBI Life is the leading privately held life insurance company in India. It operates through its 98,000 agents and SBI’s 22,000 bank branches.

 

Strong acceleration in property and casualty insurance

 

In line with the objectives of its strategic plan, BNP Paribas Cardif continues to diversify its business mix and accelerate its growth in the property and casualty insurance market:

 

  • In 2017, BNP Paribas Cardif acquired 100% of Cargeas Assicurazioni, a provider of non-life insurance in Italy. This transaction, which creates growth potential, enables BNP Paribas Cardif to strengthen its position in the property and casualty insurance market and offer a complete range of insurance for its clients.

  • Icare, a subsidiary of BNP Paribas Cardif specialized in extended warranties for motor vehicles[vii], continued to grow in Europe thanks to new partnerships in Italy and Germany. The unit’s insurance gross written premiums reached 74 million euros, an increase of 18% over 2016.

  • In France, 2018 will see the launch of Cardif IARD, a joint insurance company held 66% by BNP Paribas Cardif and 34% by Matmut. The company will market a range of property and casualty insurance solutions. Signed in late 2016, this partnership reflects BNP Paribas Cardif’s commitment to building its positions in this strategic market in France.

 

Acommitted enterprise with positive impact on society

On the strength of its excellent results and numerous development initiatives in 2017, confirming progress in executing its strategic plan, BNP Paribas Cardif confirms the objectives for 2020 announced in 2017: additional revenues of 400 million euros and continued RONE[i] in excess of 18%.

 

BNP Paribas Cardif will pursue its growth while strengthening its positive impact on society:

 
  • As a global specialist in personal insurance BNP Paribas Cardif makes insurance available to the largest possible number of people. The company has initiated a program to simplify all commercial documents for clients to make insurance easily understandable by everyone. In three years, more than 10,000 documents have been rewritten in language understandable by the majority of consumers[ix] in France and other countries. In order to make insurance available to vulnerable segments of the population, BNP Paribas Cardif became one of the first insurers in France to facilitate insurance subscription

     

  • As an institutional investor, BNP Paribas Cardif manages savings that policyholders entrust to the company with a two-fold priority: combine financial performance and positive impact on society. To support financing of the energy transition, in just one year, the company increased green investments[x] by 46%. The insurer also believes that it has an active role to play in reducing inequality and also invests in funds with significant social impact: BNP Paribas Cardif finances more than 6,000 emergency shelter units via the Hémisphère fund[xi] and is one of the main investors in the Fonds de Logement Intermédiaire (FLI) fund, which has provided accommodation for 644 families in rent-controlled housing since 2015.

     

  • As an employer of 10,000 people worldwide, BNP Paribas Cardif offers a motivating work environment for staff and supports them in achieving a healthy work/life balance. In France, employees who are care-givers have access to a specialized assistance platform to help them care for loved ones who are aged, can no longer live independently, are sick or disabled. In Turkey, the company created a personalized program called Flexbox, which offers a range of benefits (leave, meal vouchers, health insurance, etc.) to meet different needs


 

An infographic showing 2017 key figures for BNP Paribas Cardif is available here.

 

 

Appendix

 

Domestic markets (France, Italy and Luxembourg) for the BNP Paribas Group’s insurance business recorded gross written premiums of 19.9 billion euros in 2017, an increase of 7% compared with 2016.

France had gross written premiums of 12.8 billion euros (+10% vs. 2016). Savings gross written premiums totalled 11.3 billion euros, up 10% over 2016. Unit-linked contracts accounted for 30% of inflows (26% in 2016), supported by favourable market trends. Protection gross written premiums reached 1.5 billion euros (+3% vs. 2016). The protection segment covers creditor insurance, personal insurance, property and casualty insurance and extended warranties for motor vehicles (through the Icare Assurance subsidiary, which recorded gross written premiums of 74 million euros, an increase 18% compared with 2016).

 

Italy had gross written premiums of 4.4 billion euros, a slight 2% decline compared with the previous year, including 3.8 billion euros in savings. The Italian subsidiary experienced lower inflows to its general fund but continued to developed unit-linked contracts (36% of inflows in 2017 vs. 24% in 2016). Protection gross written premiums were 687 million euros in Italy, a 4% increase compared with the previous year.

 

In Luxembourg, Cardif Lux Vie had gross written premiums of 2.7 billion euros, up 13% over 2016, with 70% of inflows in unit-linked contracts (compared with 55% in 2016).

 

In international markets (Asia, Latin America and Europe, excluding domestic markets), the insurer recorded total gross written premiums of 9.9 billion euros, an increase of 14%2 in comparison with 2016:

Asia had gross written premiums of 4.8 billion euros in 2017, compared with 3.8 billion euros in 2016 (+27.5%2 compared with the previous year). Inflows were up in India, China, South Korea, Japan and Taiwan, which are BNP Paribas Cardif’s main markets in Asia. Taiwan had a particularly good year with gross written premiums of 2.6 billion euros in savings, of which 97% in unit-linked contracts. Business volume in Taiwan increased 37%2 thanks to the launch of new products and favourable market conditions. Japan was the primary contributor to protection business for the Asia zone thanks to its creditor insurance activities. Gross written premiums in Japan totalled 508 million euros, an increase of 9%2.

 

Latin America continued to see growth in protection insurance as gross written premiums increased to 1.8 billion euros (+10%2 vs. 2016). Chile, which was BNP Paribas Cardif’s first market in Latin America, recorded gross written premiums of 600 million euros, an increase of 10%2. Brazil swung back to growth with an increase of 12%2 to reach 585 million euros in gross written premiums. Colombia, the insurer’s third-largest market in Latin America, recorded gross written premiums of 262 million euros (+7%2 vs. 2016).

 

Europe (excluding domestic markets) and emerging markets were stable in comparison with last year (+0.5%2 vs. 2016), totalling gross written premiums of 3.3 billion euros.

 

Download the press release about our contribution to BNP Paribas 2017 results.
 

[I] BNP Paribas Cardif is the insurer with the largest number of bancassurance partnerships in the world. Source: Finaccord (http://www.finaccord.com/press-release_2018-global-bancassurance-insurer-partnerships.htm)

[II] At constant exchange rates

[III] Initial public offering of SBI Life on the Bombay Stock Exchange and the National Stock Exchange of India in October 2017

[IV] Including banks, financial institutions, consumer credit companies, automobile manufacturers, retailers, telecommunications companies, independent financial advisors and brokers

[V] Sale of 4% of shares (IPO price of 700 rupees per share); 22% stake in SBI Life following the IPO

[VI] Based on IPO price

[VII] BNP Paribas Cardif acquired 100% of  Icare in 2014

[VIII] Return On Net Equity (pre-tax)

[IX] Standard language designed to be understood by anyone whose language skills correspond to level B1 of the Common European Framework for Languages, which covers the majority of consumers.

[X] Green investments (including green bonds and infrastructure funds): 1,227 million euros at end 2016;  1,788 million euros at end  2017

[XI] The Hémisphère fund launched by SNI and AMPERE Gestion invests in housing for people in need


Appointments on BNP Paribas Cardif Executive Committee

14 March 2019

March, 14th 2019

 

Insurer BNP Paribas Cardif, a leading specialist in bancassurance partnerships and the world leader in creditor insurance announces three appointments on its Executive Committee:

-      Pauline Leclerc-Glorieux, Deputy Chief Executive Officer, Efficiency, Technology  and Operations (ETO)

-      See See Ooi, CEO of Asia

-      Vincent Sussfeld, Chief Actuary

 

The BNP Paribas Cardif Executive Committee now comprises 16 members – eight women and eight men – who bring a diversity of professional backgrounds and an in-depth knowledge of all the company’s key activities.  

These appointments contribute to the ongoing transformation of the company and its partnership-based business model. They also reflect BNP Paribas Cardif’s commitment to promoting gender equality in all its businesses.

Pauline Leclerc-Glorieux will accelerate the transformation of the ETO function to support the digital development of the company, ensure the reliability of operations and improve the customer and partner experience. In Asia, See See Ooi will help drive the insurer’s international growth and the expansion of its businesses in this strategic region. Vincent Sussfeld takes over responsibility for the Actuarial function, which is essential for risk management and innovation in all countries where BNP Paribas Cardif operates. He will leverage data science to contribute to the development of new offers aligned with the needs of the insurer’s clients.

Pauline Leclerc-Glorieux is appointed Director of Efficiency, Technology and Operations (ETO). She is also named Deputy Chief Executive Officer of BNP Paribas Cardif. Pauline Leclerc-Glorieux is an engineering graduate of the Ecole Polytechnique and the Corps des Mines and a member of the French Institute of Actuaries. She joined the finance department of BNP Paribas Cardif in 2011 after holding a series of positions with the French financial markets regulator AMF (Autorité des Marchés Financiers). She was Chief Actuary from 2014 to 2018. Pauline Leclerc-Glorieux has been a member of the BNP Paribas Cardif Executive Committee since 2016.

See See Ooi becomes CEO of Asia and a member of the Executive Committee of BNP Paribas Cardif. With an actuarial science bachelor degree in the United States, See See Ooi has spent 29 years in the insurance industry. She has held a series of senior management positions with insurance firms in Malaysia, China, Hong Kong and Taiwan, giving her extensive expertise in bancassurance. See See Ooi joined BNP Paribas Cardif in 2014 as Deputy CEO, Asia in charge of marketing, distribution and development for the region. In 2016, she became chief executive of BNP Paribas Cardif in Taiwan.

Vincent Sussfeld has been named Chief Actuary. He is a graduate of the EM Lyon Business School, the Institut d'Etudes Politiques de Paris and an alumnus of the Ecole Nationale d'Administration. Vincent Sussfeld began his career at Allianz France in 2001 as Head of CSR, subsequently leading the insurer's transformation and innovation project as part of the property and casualty insurance claims department. He joined BNP Paribas Cardif in 2007 as Head of public affairs. He was named Deputy CEO of the SBI Life joint venture in India in 2009 and subsequently sales director for international markets in 2012. He was CEO for Asia from 2015 to 2018. Vincent Sussfeld has been a member of the Executive Committee of BNP Paribas Cardif since 2015.

 

Following these appointments, the Executive Committee of BNP Paribas Cardif comprises 16 members:

-      Renaud Dumora, Chief Executive Officer

-      Stanislas Chevalet, Deputy Chief Executive Officer, Transformation and Development

-      Olivier Héreil, Deputy Chief Executive Officer, Asset Management

-      Virginie Korniloff, Deputy Chief Executive Officer, Domestic Markets

-      Jean-Bertrand Laroche, Deputy Chief Executive Officer, International Markets

-      Pauline Leclerc-Glorieux, Deputy Chief Executive Officer, Efficiency, Technology and Operations

-      Fabrice Bagne, Director of France

-      Bernard Bolle-Reddat, Chief Risk Officer

-      Pauline de Chatillon, Chief Compliance Officer

-      Isabella Fumagalli, Director of Italy

-      Sophie Joyat, Director of Human Resources

-      Carine Lauru, Director of Communications

-      See See Ooi, CEO of  Asia

-      Murielle Puron Chambord, Chief Financial Officer

-      Vincent Sussfeld, Chief Actuary

-      Francisco Valenzuela, CEO of Latin America

 

Photos available from the BNP Paribas Cardif press office.

 

BNP Paribas Cardif press contacts:

Valérie Oberlin – +33 (0)1 41 42 78 17 – valerie.oberlin@bnpparibas.com

Sophie Le Blévec - +33 (0)1 41 42 69 56 – sophie.s.leblevec@bnpparibas.com 

Marion Saraf – +33 (0)1 41 42 70 71 – marion.saraf@bnpparibas.com

Caroline Le Roux – +33 (0)1 41 42 65 61 – caroline.leroux@bnpparibas.com

 

Download the press release

 


Digital payments: a headlong race to attract users

22 February 2019

February 6th 2019

 

Just a couple of decades ago, people only paid for goods in stores, and in cash. Nowadays making payments online is an everyday occurrence and e-commerce is alive and well, with a global online retail market expected to top $4.5 billion by 2021. So who are exactly the competitors striving to conquer this market?

Digital payments have become commonplace, involving a broad range of players, among whom the biggest name is PayPal, through which 18% of all e-shopping is carried out. Meanwhile mobile payments are becoming more widespread, with a growing number of smartphone-based transactions through a multiplicity of new channels, including mobile wallets such as those provided by Apple Pay and Samsung Pay; mobile apps – notably those developed by Venmo and Square; and the new tools offered by instant messaging services such as Facebook Pay on Facebook Messenger.

So, might digital payment mechanisms evolve in order to enable retail customers to carry out transactions in the near future without using a system provided by a financial sector player in the strict meaning of the term – i.e. without using an app developed by a bank or FinTech firm? As a result of the new collaboration between Google and PayPal, people can now make payments using Gmail or YouTube, while Microsoft users are able to access Microsoft Pay from Outlook. A new wave of services based on frictionless payment mechanisms is being developed and the web giants try to capture and retain users’ attention so that they keep their products and do not switch them to another provider. But will the startups acting in this field be able to face the strategies deployed by such mighty players as Google, Apple, Microsoft, Facebook and Amazon?

Max Koenig, Head of Partnerships in the Fintech sector at the Silicon Valley-based startup accelerator Plug and Play, argues that the battle is actually being fought out between the new players, as quite often “Often large incumbents - whether they be banks or tech companies - have an already very large and faithful base of users. Rolling out a new payment service within an already existing product will have far more success initially than convincing users to download, onboard and start using a brand new product.” He adds: “The Payments race has based on a frictionless user journey. Zelle is leading the way on the front. It was created by seven of the largest US banks and is fully integrated within your banking app. With Venmo you have to withdraw the money from the app and transfer it to your bank account, which adds a layer of friction. Whereas with Zelle, your money is deposited directly.

The advent of Zelle on the market is a sign that “banks are relentlessly working to keep their advantages and avoid becoming simple pipes. We can see Zelle overtaking Venmo however Venmo is still the go-to”, says Max Koenig, explaining that Zelle’s popularity is linked to the banks’ user base, on which the app has been able to rely ever since it was launched. This analysis also applies to Facebook and Google, which are now grafting products on to their already existing user base. It would thus appear used that consumers tend to go for simplicity – i.e. a single app for a wide range of services.

Between FinTech and TechFin – a term to name those digital giants who extend their activities to include financial services – it seems that everything is still to play for. Max Koenig also points out that Google and Apple do not have such a large impact on FinTech startups. He explains: "Fintech is a very interesting niche, where most founders are highly educated and experienced bank executives who are addressing a specific segment. Generally, the vast majority of Fintech startups are not native of the Silicon Valley. The Valley is an important place, at a given moment, when it comes to scaling up and attracting investment, but the product development rarely takes place there.”

Taken together, Apple Pay, Samsung Pay and Google Pay have today over 150 million users and this figure is likely to reach 500 million by 2021. Surprisingly however, in the United States it is Starbucks which is the leader of mobile payment applications. It remains to be seen who most consumers will place their trust.

 

Written in partnership with l'Atelier


Is the WeChat social retail model likely to catch on everywhere?

07 February 2019

December 17th 2018

 

The Chinese online business model, typified by WeChat, is leading to a kind of platform-based hegemony underpinned by ‘total life’ apps. Can this ‘social e-commerce’ model be replicated across the rest of the world? Not sure.

 

The West – in the wake of recent scandals – seems to have woken up to the potential dangers that may arise if intermediation platforms are able to achieve a monopoly position. In China on the other hand, the WeChat social network continues its amazing rise. WeChat, which claimed to have passed the milestone of a billion users a few months ago, now enjoys a quasi-monopolistic hold over the country’s social network-based business. And what a country it is! China is one of the most connected areas of the planet, with 770 million active Internet users, over 724 million of whom claim to use WeChat every day. And given that, on average, every Chinese citizen spends close to 90 minutes per day on the social networks, WeChat seems to have beautiful days ahead of it, considered considered as the Asian Facebook, it aims at being much more than that and could even lay the foundation of a new-generation, social network-based approach to e-commerce.

 

A fully-integrated ecosystem

 

In fact, the ‘platformisation’ of the economy that is now place in China is in many respects quite different from what is happening in Western countries. There are obvious cultural differences and neither the economic paradigms nor the governance models are the same. Nevertheless, they do have in common the goal often stated by the CEOs of the various networks and platforms: to build integrated ecosystems covering the vast majority – not to say the whole – of human interactions, be they social, political or economic.

 

Yvonne Li, a Brand Consultant at Q1 Consulting, a Chinese consultancy specialising in business intelligence, underlines: “Nowadays, WeChat is no longer only an app but an integral ecosystem providing services for your whole life.” The consequence of this is that WeChat seems to be becoming vital in people’s day-to-day lives. It is as if the app has now become a super-platform with a scarcely-disguised monopoly on all trade and all interactions between people. Ms Li points out that “WeChat works hard to create an ecosystem to bring all required partners together to develop the WeChat world (...) Now you can do everything within WeChat, including shopping, ordering taxis, restaurants, food delivery, city services, payments and so on.” This ‘all-inclusive’ platform certainly has the advantage of simplicity: everything available and accessible in one place, a centralised system around which gravitate a huge number of interconnected applications.

 

Mini-programmes spearheading an e-commerce revolution

 

These mini-programmes are nowadays drawing the attention of all Chinese retailers. Indeed close to 600,000 apps are already linked to the super- platform, bringing a total of 170 million users every day. Fully integrated into the WeChat social network, these apps interact with it, not only offering ease of use but increasing the likelihood that the content will go viral. In line with the unified approach of the ‘total platform’, WeChat also integrates financial services such as the WeChat Wallet, which now brings 69% of all revenue on the platform. It provides multiple functionality: ranging from instant online payment to offline payment based on QR codes, plus a consumer credit service.

 

This business model is not however exclusive to China. We already know Facebook Marketplace and Google Shopping. But this approach is clearly not as popular in the west as it is in China. This is mainly due to the force of habit: people are still firmly attached to bricks-and-mortar stores, and personal data protection is a key concern. After all, in this new social e-commerce world, the watchwords are interdependence and intercommunication, with everything underpinned by user data.

 

Online platforms accumulating totalitarian powers?

 

Meanwhile Chinese citizens certainly do not seem troubled by things about make Westerners hesitate – and are perhaps excessively concerned about their own privacy and ensuring full transparency on the use made of their personal data. “In China, people’s concern for data privacy is not quite as strict as among Western people. Apple Pay cannot find its way in Western countries, whereas in China a hundred million people use mobile payment and release their personal data as a matter of course,” explains China expert Yvonne Li. Nevertheless, the potential pitfall of totalitarian control is never far away. By taking on the guise of mini-societies that manage and control interaction between citizens and shaping behaviour by way of their conditions of use, the intermediation platforms are implicitly setting out to become a sort of basic governance mechanism, taking over some of the ‘royal’ prerogatives of sovereign states. We can certainly read this fear into some of the decisions made by the Chinese authorities, leading them to repeatedly curb the activities of the social networks. Similar concerns undoubtedly also explain what prompted various legislative bodies to summon Mark Zuckerberg to take part in a number of official hearings in recent months.

 

Written in partnership with l'Atelier

 

 


BNP Paribas Cardif supports women entrepreneurs alongside fintexx – women in finance

07 February 2019

January 29th 2019

 

With the Paris Fintech Forum – a major international event in finance and tech – set for the end of January, the European initiative fintexx – women in finance and insurer BNP Paribas Cardif have invited numerous female heads of startups on 28 January 2019 to discuss the fintechs that are transforming our daily lives and in particular the role and contribution of women in finance and tech. See bellow the interview with Nathalie Doré, Chief Digital & Acceleration Officer of BNP Paribas Cardif and Carolin Gabor, Managing Partner of finleap and founder of fintexx – women in finance

 

What is fintexx – women in finance? And could you tell us a little about the event you are organizing during Paris Fintech Forum with BNP Paribas Cardif?

Carolin Gabor : fintexx – women in finance is a finleap initiative, founded by me in 2016, with the aim to give women working in the tech and finance industry more visibility and networking opportunities. It consists of an exclusive circle of C-level women, who up until now have built a strong network within the financial industry. We usually meet for lunch or dinner. The fintexx women events have already been to London, Amsterdam, Frankfurt or Zurich. The focus is on networking, finding joint business opportunities and supporting each other. What is also important to me is the opportunities the initiative provides to the next generation of women, interested in a career in finance or tech, as well as continuing to strengthen and support successful females in financial services. These young and tech-savvy women are close to my heart. At finleap, a European company builder for fintechs, we foster diverse teams and are very proud to have as many women as men in leading positions.

I was really looking forward to the event with BNP Paribas Cardif. Nathalie and I have been in contact for a long time and I’m very excited to bring fintexx to the Paris Fintech Week and to meet great and inspiring women with different backgrounds and from different nations.

 

Why is BNP Paribas Cardif teaming up with the fintexx – women in finance initiative?

Nathalie Doré: We’re delighted to be partnering with the fintexx – women in finance initiative. We’re very involved in the startup ecosystem, since open innovation is a pillar of our strategy. Through our C. Entrepreneurs investment fund, which was created in 2016 and is managed by Cathay Innovation, we provide funding for a dozen startups. In addition to funding we support them by helping them establish a framework that will drive their growth. We pursue a project with every startup we invest in. We make this a condition both to accelerate our own transformation and to let the startups test the appetite of new markets, since we work with more than 500 partner distributors and we count 100 million policyholders.

We also work with many other startups without necessarily investing in them. Clark, a insurtech startup supported by finleap, is a good example. I met Caroline at the Women’s Forum. We were speakers on the same round table about women in fintech. We quickly discovered shared business interests around platforms and we now work together via our project with Clark in Germany. We also share a desire to make the banking industry and fintech more accessible to women. In general, the higher you go on the organization chart, the rarer women become. In finance there is a balance if you look at the overall numbers, but when you get to top management the proportion of women drops to 15%. I’m proud to be working at a company where this is not the case: our executive committee is close to gender parity. It’s important to push for change to introduce better gender balance in our industry. We know that insufficient diversity has a negative economic impact and a negative impact on society. We believe it’s important to support initiatives that contribute to gender equality such as those proposed by fintexx – women in finance. And one way to change things is to make women in finance more visible, to mobilize engaged networks such as fintexx and reach out to women leaders in the industry and invite them to share their experiences during events such as these, because they serve as important role models.

 

fintexx – women in finance encourages dialogue between the heads of startups. How prominent are women in online and digital businesses today?

Nathalie: A recent study by Syntec Numérique showed that women account for just 27.5% of the employees in digital businesses, and that they are even rarer when it comes to technical positions such as development or data science. And this is the case in other countries as well. I realized the scale of this issue when I was living in the United States. The good news, though, is that we can all make a difference by taking actions within our companies. Although diversity is low among graduates of schools where digital skills are taught, it’s essential to make sure people are aware that they can change their career directions by exposing them to role models, and by promoting greater gender balance.

The fourth industrial revolution will see changes in a host of different skills in order to evolve and adapt to the new needs of businesses and to new modes of consumption. There will be growing demand for people with tech skills. This is why last year BNP Paribas Cardif teamed up with General Assembly, a pioneer in education and career transformation, specializing in today’s most in-demand skills to prepare our teams for this major change. We’ve committed to training 1,000 employees by the end of 2022 and to opening these training sessions to the employees of our partner distributors and to the BNP Paribas Group. During the second half of 2018 over 100 employees were trained in UX Design, agile methodologies and data science. Plus, we had an almost equal number of men and women from the company, which is very encouraging.

Carolin: The proportion of female founders is still very small when it comes to founding tech start-ups. Even though the number of women starting a new business has risen in recent years, the male "entrepreneurs" still dominate. For me, the critical stage is childhood. Women must be shown early on, at school or university, that an entrepreneurial career can be an attractive option for them. And this is where economic policy initiatives come in. Although there are privately initiated women networks, such as ours, there is also a need on the political side to increase the visibility of female digital entrepreneurs and to support their networking. If young women see female entrepreneurs as role models and an inspiration for success, this takes away their fear of such a career and motivates them. In addition, women have to overcome many more hurdles when it comes to setting up a business, e.g. raising capital. I know many stories of women who report on the challenge of pitching exclusively in front of men and convincing them.

 

Carolin spoke about her various commitments through the fintexx – women in finance initiative. Nathalie, what are you doing to encourage and recognize women in digital professions?

Nathalie: I’m quite proud to have co-organized with Clara Terrien, a French executive who is very active in the Silicon Valley tech sector, and in conjunction with Chiara Corazza, Managing Director of the Women’s Forum the first delegation from Silicon Valley to attend the Women’s Forum in Paris a year ago. It gave me a chance to make my voice heard on the issue of the position of women in fintech. The Women’s Forum is a very influential event that has an impact on a variety of diversity issues. When I was head of the Atelier BNP Paribas in San Francisco I was also head of the French American Women Executives Community, which provides opportunities for co-development and networking. Today I’m the sponsor of a mentoring programme for the BNP Paribas MixCity association, which was created by female executives from the BNP Paribas Group to facilitate the rise of women to top management positions and to promote better work/life balance. As part of the programme I’m mentoring a young woman manager, a role that I find tremendously motivating. It’s important to speak out on this issue, because women are the founders of only 20 to 30% of new businesses in industrialized and developed countries. This situation is very closely linked to education and culture. Women tend to create more barriers for themselves and have a tendency to practice self-censorship. So it’s important to support initiatives that encourage diversity and to promote awareness of these issues among younger generations.